A west Wales Senedd member has reacted with anger after energy giant Shell made record-breaking profits of over £68 billion in 2022.

Welsh Liberal Democrat Leader, and mid and west Wales Senedd member, Jane Dodds said: “It is absolutely abhorrent that the Conservative Government has not taken stronger action against companies like Shell who have posted their largest profits in 115 years, profiteering off the Russian invasion of Ukraine.

“While these companies take in obscene profits, everyday families and local businesses are struggling to stay afloat.

“In my own region of Mid and West Wales, we have seen numerous local businesses close their doors due to increased energy costs.

"These businesses are not only the lifeblood of our cities, towns and villages, but they also provide a huge amount of employment, with Wales more dependent on SMEs than other parts of the UK.

“If the Conservatives implemented a real windfall tax and closed loopholes the extra funding could be used to extend support for these businesses which is due to end in April.

“Rishi Sunak failed to take proper action against energy companies when he was Chancellor, now he is failing again as Prime Minister. The Conservatives must urgently change track and tax the oil and gas companies properly and at the very least ensure that energy bills don’t rise yet again in April.”

Bumper profits by producers in 2022 prompted the Government to launch a windfall tax, called the Energy Profits Levy, which was then toughened by Mr Hunt.

Shell said it paid 1.9 billion dollars (£1.5 billion) in windfall tax charges to the UK and EU.

Labour has accused Mr Sunak of being “too weak” to stand up to oil and gas interests following Shell’s profit increase.

Shell also announced that it will pay a further four billion dollars (£3.2 billion) to shareholders through a new share buyback programme, and will increase dividend payments by 15 per cent.

 

We passionately believe in the value of good, trusted journalism. If you share that belief, you can experience the benefits of unlimited advert-light news access from journalists you know and trust on your favourite devices - subscribe today HERE.

With a digital subscription you will experience up to 80% less advertising, this means faster loading pages and ultimately a much better user experience. You can also sign up for our free daily newsletters HERE.